Want to capitalise on a rate today for transfers in the future or lock in a budget rate for future transactions? A forward contract will allow you to fix a rate for up to 3 years, based on the interbank exchange rate at the time of booking – this gives you a guaranteed rate at which to transfer time and again. You might need to pay an initial deposit, then the balance will be due at the end of the contract. If the rates move against you, you may need to top up the deposit to keep the position in place. Your dealer will explain and discuss this with you before you book your forward.